Tuesday, September 23, 2008

Banking Takeover?

According the news I’m hearing on the radio the president’s bill for bailing out the banking industry contains no provision for Congressional oversight. That is the same kind of hands-off policy that got our economy into this mess. If we hand over the $700B or more to the banks with no oversight, the taxpayers won’t be taking over the banks, rather the banks will be taking over the US Treasury. Congress needs to have oversight authority.

Also according to reports the banks say that if oversight and limits on executive compensation then they won't sign up for a bail out. How dire an emergency is it if they can walk away from the deal? The way this situation has been presented to the public is that we either bail them out or they go broke and take all our retirement plans down with them. The executives should not be given seven figure (or any) parachutes as a reward for running their institutions into the ditch. The average citizen is not rewarded for screwing up on the job. Why should they be rewarded? Fire them and let them apply for unemployment benefits. Let them try living on that for a while and maybe they’ll learn the value of a dollar.

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